Leases |
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Dec. 31, 2025 |
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| Leases | Note 10 — Leases
During 2024, the Company entered into finance lease agreements for equipment utilized in its manufacturing facility.
The components of operating and finance lease costs are as follows for the three months ended March 31:
Supplemental cash flow information related to leases are as follows for the three months ended March 31:
The following table summarizes weighted average remaining lease term and discount rates as of March 31, 2026, and December 31, 2025:
Future maturities of our lease liabilities are as follows as of March 31, 2026:
SYNTEC OPTICS HOLDINGS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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Note 10 Leases
During 2024, the Company entered into lease agreements for equipment utilized in its manufacturing facility. The Company has determined that the lease agreements are finance leases. There is a $1 buyout option at the end of the lease term which makes it reasonably certain that the Company will exercise this option and purchase the machinery and the details of the purchase option are in line with the criteria of a finance lease.
The ROU asset is grouped with property and equipment. The asset is amortized on a straight-line basis over the life of the underlying asset rather than the lease term due to the purchase options in the lease. The amortization expense is grouped with the depreciation expense of the Company’s other property and equipment. The initial recognition of the finance lease liability was recorded based on the present value of future payments. The interest expense is calculated using the incremental borrowing rate of the Company, and is grouped in the interest expense line on the statement of operations.
The components of operating and finance lease costs are as follows for the years ended December 31:
There were no variable payments or material short-term rentals for the years ended December 31, 2025 and 2024.
Supplemental cash flow information related to leases are as follows for the years ended December 31:
SYNTEC OPTICS HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2025 AND 2024
Note 10 Leases – Continued
The following table summarizes weighted average remaining lease term and discount rates as of December 31, 2025 and 2024:
Future maturities of our lease liabilities are as follows as of December 31:
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